Store Closures, the New Black

NEW YORK ( TheStreet) -- Retail's newest trend seems to be less is more, at least when it comes to brick-and-mortar stores.

Lowe's ( LOW) became the latest company to announce it is shuttering underperforming stores and said it discontinued opening several new locations.

The home-improvement retailer will close 20 locations in 15 states within a month. The company plans on opening between 10 to 15 new stores per year in North America from 2012 forward, down from previous estimates of about 30 stores annually.

"Closing stores is never easy, given the impact on hard-working employees and local communities," said Robert Niblock, chairman, president and CEO. "However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position."

Gap ( GPS) also said last week that it intends to close 189 namesake stores U.S. stores by 2013. This will leave 700 Gap stores from 1,056 in 2007.

Saks ( SKS) CEO speaking at the Society of American Business Editors and Writers taking place in New York over the weekend said the luxury retailer has closed seven stores over the past two years and plans to shutter several more, with few plans on opening any new locations. "I don't think the U.S. needs new stores," Sadove said.